There’s a lot of euphoria in the air. At least for Italian luxury hospitality, as was the mood a few days ago at the Luxury Hospitality Conference in the Lh Collection Milano Citylife. The event, organized by Teamwork in collaboration with HotelMyPassion, was an opportunity to take stock of the situation.
And the enthusiasm was such that some, like Valentina De Santis, CEO of the Grand Hotel Tremezzo, went so far as to say that “in luxury, demand always equals, if not exceeds supply. Even in 2020 (the worst year of the pandemic crisis, Ed.) the demand was exceptional. When one door closes, another one opens.”
A question of luck? Perhaps. Certainly Lake Como where the Grand Hotel Tremezzo is located is privileged, not least for its proximity to important European markets. But the feeling, or rather the certainty, is that the luxury market has bounced back stronger than ever. “Let's enjoy the moment,” said Ezio Indiani, general manager of the Principe di Savoia in Milan.
And the moment is indeed special. Not just because “rates have risen across the board,” but because demand has proved completely insensitive to price, said R Collection Hotels’ brand director Ludovica Rocchi. Not even the soaring energy costs are frightening hoteliers "because there is still room to hike rates," said Lario Hotels’ CEO Luigi Passera.
Fears that this is just a temporary rebound, a reaction after two years of Covid, do not seem to be dampening the spirits of the luxury players. Could we be rudely awakened from this lovely dream? Perhaps. But it is also true that luxury has always shown great resilience. So after two terrible years we really need a little carefree optimism. And it’s contagious!
Massimiliano Sarti
Journalist
